5 Must-Read Lessons For MBAs Considering Entrepreneurship

Before we even had a product, I had built a sharp-looking Excel business model that projected a meteoric rise to success. I cringe now when I write about it because, while I understood financial modeling, I understood virtually nothing about building a company. Because I had business training, I thought that my job was to go out and build a sales and marketing plan and to develop relationships with other businesses. I pursued these activities at the expense of the product -- the core of the business.

After a few months and a harsh (but much-needed) conversation with one of our seed investors, I stopped doing everything else until we nailed our product and validated our assumptions with small cohorts of customers.

Today, focusing on product first is a personal mantra. It’s also incredibly rewarding because it allows for a level of creativity and self-actualization absent in most other functions. MBAs are well-suited to leverage their business training to provide analytical rigor to validate customer assumptions based upon customer behavior with product features.

In the meantime, I’ve learned not to waste money selling and marketing a product that doesn’t solve a real problem.

5. Pitch everyone.

The biggest advantage of being an MBA is that you have access to virtually everyone you need to poke holes in your idea: faculty, lawyers, angel investors, VCs, corporate executives, classmates, and potential customers. Pitch everyone you meet while you are in business school, and soak in the feedback. After a few weeks, you’ll notice that the critiques you receive are clustered around perceived weak points in your business model or flaws with your product idea.

If you can gather the data to answer each one of those critiques, then people will start writing checks to you -- and they will leave their jobs to come work for you.

America needs more talented leaders to choose entrepreneurship. Our best and brightest have the most impact when they build new products that solve meaningful problems and give people jobs. We don’t need more bankers and consultants. If you decide to go this route, I wish you the best of luck!

Courtesy of YEC

Blake Hall is the Founder and CEO of Troop ID, a digital authentication engine capable of verifying military affiliation online. An Airborne-Ranger qualified officer, Blake led a battalion reconnaissance platoon in Iraq for fifteen months during 2006 – 2007. He has written for The Washington Post, Foreign Policy, The Huffington Post and Vanderbilt Magazine. Thanks to The Economist, he is also the first Google result for the phrase "muscly entrepreneur." Blake attained a Bachelor of Science magna cum laude from Vanderbilt University and an MBA from Harvard Business School.

Courtesy of YEC

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched#StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.